I do sometimes bring along a hang glider parachute when flying my ultralight airplane over mountains, but it has a single cylinder Rotax snowmobile engine and is made out of Styrofoam. My life insurance doesn't cover me when flying it. Even then it would take an extraordinary problem to cause me to bale out instead of gliding it in.
For those curious what type of plane is made out of Styrofoam... it is homemade from plans, called a skypup and looks like this:
Mine is painted in the colors of a WWII trainer, yellow and blue.
Sorry, typo the plane we flew to Oregon was a Pre-WWII Taylorcraft.